The Tax Cuts and Jobs Act of 2017—
What’s Different and Looking Ahead

The recent tax law changes make it the perfect time for you to consider your financial and charitable plans for the coming year and beyond.

1. The new tax law maintains charitable contributions as an itemized deduction, nearly doubles the standard deduction—increased from $6,350 to $12,000 for singles and from $12,700 to $24,000 for married couples—and curtails and disallows certain other itemized deductions.

2. Donors whose itemized deductions exceed the standard may still benefit under the legislation.

3. Donors age 70½ or older can continue to use the IRA Charitable Rollover to make a tax-free gift of up to $100,000 per year. The transfer does not generate taxable income, or a tax deduction, so donors benefit even if they do not itemize tax deductions. The gift satisfies all or part of the minimum distribution for the year.

4. The act increases the adjusted gross income (AGI) limitation for donors’ cash contributions from 50 percent to 60 percent.

5. Donors may still deduct gifts of appreciated assets (e.g., securities) at fair market value and capital gains taxes are avoided. No change was made to provisions related to charitable gift annuities, remainder trusts, lead trusts or other tax-qualified deferred gifts.

From all of us at NorthShore University HealthSystem Foundation, thank you for your confidence and partnership in our mission “to preserve and improve human life.” Your gifts now and in the future help achieve superior clinical care, education and training, and innovative research.

We ask all of our donors to obtain independent, professional counsel, and we would be pleased to provide suggestions to assist you and your adviser. We welcome your questions about legacy tribute, program or research giving opportunities at NorthShore University HealthSystem. To learn more, contact Kathleen Chappell, JD, at 224.364.7211 or kchappell@northshore.org.

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